While I had high hopes of the next gen consoles being capable of native 1080p/60 with high details.

As JD mentions, that's not all that important.

As long as it can handle a lot of higher end PC gaming features/effects, and have a minimum resolution and performance standard of 1440x810, 60FPS (bear in mind many games are not even 1280x720, Battlefield 3 is Sub HD on PS3 & Xbox 360 ). All the Halo games and COD games are sub HD as well. COD is like 1024x611 or something weird like that.

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Regarding MW3... since I am on the cheap drugs, I have MW3 on a decent gaming PC and the Xbox 360. Setting MW3 to max details, and textures to "Native" (Native setting tells the game to use the larger textures). The game looks great, nothing like BF3 great, but it definitely shows the difference between PC and console. Granted, I prefer to play online on Xbox Live than PC for this game (rampant aim botters on PC).

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And console vs PC is such an old argument. I like both equally, my PC is connected to a Yamaha receiver + a Jamo 5.1 speaker set, 24 inch IPS monitor, above average performance at high details. I love it.

But sometimes it's just as fun, for different reasons to relax on the couch with a 7.2 channel setup and a 64 inch plasma with the console. I could run an HDMI cable from the gaming PC to the home theatre for games playable with gamepads... but I just prefer not to.